Foreign purchases of Turkish real estate have plummeted by 46% in the first half of this year, totaling 10,500 properties, Invest-Gate reports.

The largest decline came from Russian citizens, whose purchases dropped by 62% year-on-year to 2,423 transactions. Iranian buyers followed with a 60% decrease, completing 1,070 transactions. Iraqi purchases also saw a significant drop of 50%, totaling 494 transactions.

Moreover, the top ten nationalities purchasing Turkish real estate highlighted substantial decreases among Ukrainians (23% decrease, 725 transactions), Germans (27% decrease, 501 transactions), and Kazakhs (37% decrease, 472 transactions).

Furthermore, other notable declines include Azerbaijani buyers (14% decrease, 339 transactions), Americans (29% decrease, 254 transactions), Saudis (27% decrease, 252 transactions), and Afghans (30% decrease, 237 transactions).

Also, the substantial decrease in foreign investments is not just a statistic but a reflection of the broader economic and geopolitical challenges that significantly impact the Turkish real estate market.